AT&T stock was was hit hard on Wednesday following the release of its earnings report for the third quarter of 2018.
AT&T (NYSE:T) starts off its earnings report for the third quarter of the year with earnings per share of 90 cents. This is better than the company’s earnings per share of 74 cents from the same time last year. However, it was bad news for AT&T stock by coming in below Wall Street’s earnings per share estimate of 94 cents for the period.
The most recent earnings report from AT&T also includes net income of $4.82 billion. This is an increase over the company’s net income of $3.12 billion reported in the third quarter of 2017.
Operating income reported by AT&T for the third quarter of 2018 came in at $7.27 billion. The wireless company’s operating income reported during the same period of the year prior was $5.81 billion.
AT&T’s earnings for the third quarter of 2018 also has it reporting revenue of $45.74 billion. This is up from the company’s revenue of $39.67 billion in the third quarter of the previous year. It also beats out analysts revenue estimate of $45.65 billion for the quarter, but wasn’t enough to save AT&T stock today.
AT&T also took time in its earnings report for the third quarter of the year to reaffirm its outlook for the full year of 2018. The company says it is still expecting earnings per share for the period to come in near the high end of the $3.50 range. Wall Street is looking for AT&T to report earnings per share of $3.52 for the full year of 2018.
T stock was down 6% as of Wednesday morning and is down 14% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
